Chaired by the Treasurer, the Budget and Finance Committee recommends, sets, and advises financial policy applicable to the financial health and stability of the Association. It assists the Association Manager in compiling the annual operating and capital budgets for consideration by the Board. It also assists in selecting an auditor and monitoring the activities of the auditor in the preparation of the annual audit, in the management of banked and invested funds, and in the selection of insurers as required by our governing documents–all matters requiring final approval by the Board.
The Budget and Finance Committee considers the financing of contract or project proposals referred to it by various committees, such as Engineering, Indoor and Outdoor Common Areas and makes recommendations to the Board to authorize expenditures. It reviews monthly financial reports submitted by the Manager. With the Engineering Committee, the Budget and Finance Committee is responsible for recommending a supplier for periodical Capital Reserve Studies, and for evaluating the results of such studies and incorporating them into long-range planning.